Funding arb · Price arb /

NATGAS

RWAall NATGAS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.020%

Price spread now: Orderly against Lighter−0.100%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding pays, the price is against you. Orderly is 0.100% cheaper against Lighter than usual: you would sell low and buy high (spread −0.100% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 4.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NATGAS	3.0030	0.0032	pay 0.0004% / 1h	3m 19s	$631K	$495K	10x
Short	Orderly PERP_NATGAS_USDC_mythos	3.0000	0.0100	get 0.0100% / 8h	3m 19s	$3K	$544	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee OrderlybpOrdersPrice spread, now −0.100%Rate

Funding earned: $14.28
Price spread: −0.100% → 0.000%: −$9.99
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.71
Costs to cover: 0.060%
Break-even: 7.8 days

Slippage unknown: Lighter: live order book, 27 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 27 min ago	1.83 bp	5.2 bp −$5	11.8 bp −$118	75.4 bp −$7,539	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NATGAS on 27 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) NATGAS/USD	L 0.0000% / S 0.0000%	1h	2.8390	−5.461%	—	—	—	as long as short
SunX NATGAS-USDT	0.0000%	4h	3.0042	+0.040%	$2K	$2.4M	20x	as long as short
HTX NATGAS-USDT	0.0000%	4h	3.0033	+0.010%	$118K	$221K	75x	as long as short
QFEX NATGAS-USD	+0.0004%	1h	3.0020	−0.033%	$659K	$96K	20x	as long as short
Lighter NATGASlong	+0.0032%	1h	3.0030	long leg	$631K	$495K	10x
Extended XNG-USD	+0.0032%	1h	3.0020	−0.034%	$109K	$271K	5x	as long as short
GRVT NATGAS_USDT_Perp	+0.0042%	4h	3.0020	−0.033%	$18K	$229K	25x	as long as short
Vest NG-PERP	+0.0046%	1h	3.0030	0.000%	—	$14K	10x	as long as short
tradeXYZ xyz:NATGAS	+0.0050%	1h	3.0021	−0.030%	$6.0M	$5.3M	10x	as long as short
Ondo Perps NATGAS-USD.P	+0.0050%	1h	3.0015	−0.050%	$82K	$26K	10x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex NG-USD-PERP	+0.0051%	8h	3.0032	+0.007%	$5K	—	5x	as long as short
Pacifica NATGAS	+0.0100%	1h	3.0004	−0.087%	$69K	$32K	10x	as long as short
ApeX Omni NATGASUSDT	+0.0100%	1h	3.0100	+0.233%	$37K	$215K	50x	as long as short
Orderly PERP_NATGAS_USDC_mythosshort	+0.0100%	8h	3.0000	−0.100%	$3K	$544	10x
Phemex NGUSDT	+0.0100%	4h	3.0030	0.000%	$1.5M	$90K	10x	as long as short
Hotstuff NATGAS-PERP	+0.0104%	1h	3.0023	−0.023%	$35K	—	20x	as long as short
KuCoin NATGASUSDTM	+0.0140%	4h	3.0020	−0.033%	$1.0M	$863K	20x	as long as short
Aster NATGASUSDT	+0.0143%	4h	3.0040	+0.033%	$264K	$69K	50x	as long as short
Variational Omni NATGAS	+0.0339%	4h	3.0031	+0.003%	$318K	$390K	—	as long as short
Binance NATGASUSDT	+0.0356%	4h	3.0026	−0.012%	$10.4M	$28.6M	100x	as long as short
edgeX NATGASUSDC	+0.0387%	4h	3.0037	+0.022%	$85K	$212K	20x	as long as short
OKX NG-USDT-SWAP	+0.0544%	8h	3.0010	−0.067%	$802K	$1.9M	50x	as long as short
Gate NG_USDT	+0.0567%	8h	3.0050	+0.067%	$1.5M	$197K	100x	as long as short
BloFin NG-USDT	+0.0575%	8h	3.0000	−0.100%	$76K	$198K	20x	as long as short
GMX NATGAS/USD [ETH-USDC]	L +0.0586% / S −0.0600%	1h	3.0025	−0.017%	$88K	—	45x	as long as short
Bitget NATGASUSDT	+0.0826%	4h	3.0000	−0.100%	$9.9M	$3.0M	100x	as long as short
Kraken Futures PF_NATGASUSD	+0.0862%	1h	3.0041	+0.037%	$56K	$35K	20x	as long as short